The stock market is not a bubble

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While the prices of some assets — particularly gold and residential property — do look a little top-heavy, equities do not look fantastically overvalued

We Brits have a unique ability to embrace pessimism. We are rarely happier than when discussing the sheer awfulness of the country’s prospects. Indeed, if anything remotely good ever happens, we usually take it as a signal that something really rather bad must be just around the corner.

In the world of investment, there is one man who epitomises this belief more than any other. His name is David Kauders and he is the UK’s very own Dr Doom. Mr Kauders, a wealth manager, has been bearish on the UK stock market since 1986 and says that he would buy